Anthropic’s $2 trillion IPO prospectus has leaked—here’s a snapshot of its income statements

Good morning. On Fortune’s radar today:

Anthropic’s $2 trillion IPO prospectus leaked.

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Anthropic’s $2 trillion IPO prospectus leaked—here’s a snapshot of its income statements

A draft of Anthropic’s $2 trillion IPO prospectus was leaked to Reuters and we now have details about the AI lab’s finances. The financial statements will look like this, per the S-1:

Revenue: $4.6 billion.

Operating expenses: $13 billion.

Operating loss: $8 billion-plus.

Net loss: $42 billion.

Cash and cash equivalents on hand: $20.28 billion.

Revenue: $11.5 billion (up from $4.73 billion in Q1).

Will be profitable on an operating basis for a second straight quarter.

Plans to spend $518 billion on cloud services and data centers.

Obviously, we’re still missing many details. 

CEO Dario Amodei devoted more than one-third of the S-1 to warnings about Anthropic’s business risks, including “existential risks to humanity,” the FT reported, “including the potential of increasingly advanced AI models to manipulate, blackmail and exhibit other unpredictable behaviours.”

Customer concentration is another risk: A quarter of Anthropic’s revenue comes from just two clients.

Here’s a non-paywalled version of Reuters’ story.

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